After 25 years of debate and little action, the proposed €6 bn urban regeneration of the Castellana Norte District (DCN) in Madrid is back on the agenda, writes Robin Marriott in EuroProperty.
Neil Livingstone, managing director of Colliers International Spain, says an agreement struck in July between key protagonists including Madrid’s city council, Ministerio de Fomento (Development) and development vehicle Castellana Norte District, has finally unlocked the site, allowing for the 2.8 million m2 redevelopment of land.
Since renamed ‘Madrid Nuevo Norte’, the agent says it is Europe’s largest urban regeneration project. It is destined to become the Spanish capital’s equivalent in scale and ambition to La Défense in Paris and London’s Canary Wharf.
In an interview, Livingstone hails Madrid Nuevo Norte as one of the most high-profile and ‘exciting’ regeneration projects ever seen in Spain, let alone Madrid. ‘Spain has never seen anything like this before,’ he says. ‘It is effectively going to redesign and consolidate the CBD of Madrid to create something revolutionary.’
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The full story on Castellana Norte District appears in EuroProperty, the weekly wrap of real estate news and analysis published by PropertyEU Group
